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Crude Slumps To $57 Handle As DOE Confirms Surprise Inventory Build, Production Hovers Near Record Highs
Confirming last night's surprise API inventory build data, after 8 weeks of inventory draws, DOE reports crude oil inventories rose 2.386 million barrels. Overall production dropped a miniscule 0.09% last week but basically production remains at cycle record highs. Crude prices are dropping on the news... testing to a $57 handle.
The Builds are back...
This is the 3rd week in a row of builds at Cushing...
The result... a $57 handle for WTI
Some context for this move...
Charts: Bloomberg
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And....therefore it's monkey hammer time?
How much of this buildis due to imports that can be controlled to meet an agenda?
WTI interactive chart FWIW:
http://www.marketwatch.com/investing/Future/WTI%20CRUDE/charts?CountryCo...
So Cramer did call the bottom (49) right...........for now?
Part of it is, and with Brent nearing parity more will be added. I know the area refineries have high amounts of refined product in storage and Summer driving season has kinda sucked so far.....
Most of it. Imports increased by 748,000 bbl/day to 7.5mmbbl/day. As long as imports are below 7.4mmbbl/day we should see draws.
Not much, as the spread between WTI and Brent has closed from $15 to $5 since last summer. That means we are importing less Brent and the oil glut is going global as China's economy is also crashing along with the EU at the same time
Ahhhh, the infamous 1 minute chart.....
More like monkey mind time.
OT: Should have been a GDP booster.
http://www.theguardian.com/news/defence-and-security-blog/2015/jul/01/fi...
The real question is where is all the excess inventory that the DOE knows about but leaves unreported?
Email that fucker barry - he will know.
You did notice the imports were up an enormous 750 thousand barrels a day. That's probably not a sustainable kinda change.
This is a weekly series and it can be very noisy for that reason.
Watch that import number increase a million barrels a day when the deal with Iran is completed.
post july 4th is seasonally weak for oil prices. bad news for oil bulls: oil began trending down in early may. a lot more downside to go. heres hoping below $40 by end of sept.
I have no proof but my feeling is that "they" were able to monkey hammer this thing up to $60 to exit positions and once they are out, it will plummet again.
The EIA is badly overestimating current production. Using best approximation the EIA has shot too high by about 300k barrels per day in the most recent two months.
Heck, they have the Eagleford production as 'up' in April, way up, when there are half as many rigs operating as a year ago in a play that declines 65% in the first year. It's pretty simple math...but out of the grasp of goobermint workers with a story to sell.
That's due to about 1,000 wells that were previously drilled but never completed. When WTI prices hit $60, the oil companies completed those wells and started pumping. The rigs were not needed at that point.
Crude still has a long way down before it finds a bottom.
http://www.globaldeflationnews.com/oil-light-sweet-crudeelliott-wave-upd...
Still not looking into EIA joke data? Unreal here as accusation fly of data messaging going on by govt all over place unless its energy right? this is getting ridiculous here.
Where is the article that Andy Hall is going ALL SHORT and looks for $10 oil?
Leaks are best tells:
http://www.zerohedge.com/news/2014-09-03/god-crude-oil-trading-goes-all-...
Muppet-bait. Squeeze the last penny out of the retail schlub while you sell your last contract and then get long.
I think in the new Amerika, Netflix should have a market cap equal to Conoco Phillips..After all,a company that rents out "B" movies,is much more valuable than a company that provides energy to heat your home,drive to work,and power your electricity..
An engineered surprise isn't really a surprise, is it?
Ask Holder. Ask the SEC.
Supplies!
Oh, cut the BS!!!
Oil is off because the Greek thingy is
impingeing on DEMAND!
The entire EU ( and anyone with a brain
holding US$ ) is holding their breath
( read: stopped spending ) waiting for
that "other shoe" to drop.
Markets scheduled to start decline on or after July 8...
What's a poor boy to do..I am sitting on an oil gushing well... but the oil market is so slippery and crude to me...